Michael Saylor’s company, Strategy (NASDAQ: MSTR), made a significant impact with its latest third-quarter earnings report released after market hours on October 30. The firm announced a remarkable net income of $2.8 billion, translating into diluted earnings per share (EPS) of $8.42, which exceeded analyst expectations that had anticipated an EPS of $8.15.
As of October 26, 2025, Strategy reported holding 640,808 Bitcoins (BTC), acquired for a total of approximately $47.44 billion, with an average purchase price of $74,032 per coin. The company’s Bitcoin-related activities have yielded a substantial year-to-date Bitcoin yield of 26%, leading to an impressive $12.9 billion in gains amidst the current 2025 crypto bull market. Looking ahead, Strategy is projecting a full-year 2025 operating income of $34 billion and net income of $24 billion, equating to around $80 per share. This underscores the company’s impressive transition from a business intelligence firm to a significant player in Bitcoin investments.
In the third quarter, Strategy’s revenues reached $128.7 million, marking a 10.9% increase year-over-year and exceeding analysts’ forecasts of $118.43 million. The firm has managed to produce gains of 116,555 BTC in 2025, which translates into monetary gains of $12.9 billion based on an average BTC price of approximately $110,600 as of October 24. This figure nears the company’s ambitious full-year target of $20 billion in Bitcoin-related profits.
Saylor has continually expressed his bullish stance on Bitcoin. At the recent Money 20/20 conference, he stated, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin,” suggesting that Bitcoin is currently undervalued at a “99% discount.” He remains optimistic about Bitcoin’s growth, projecting values of $150,000 by the end of 2025 and as much as $1 million within four to eight years, attributing this potential to increasing institutional adoption driven by market shifts, new investment products, and improved credit ratings for Strategy.
Saylor has also emphasized Strategy’s digital credit instruments that offer yields ranging from 8% to 12.5%, which promise tax-efficient returns and customized risk profiles. He noted the growing acceptance of Bitcoin by major U.S. banks and acknowledged the favorable regulatory landscape supporting these developments.
In an interview, Saylor outlined a bold vision for Strategy: creating a trillion-dollar Bitcoin balance sheet to revolutionize global finance. He believes that not only his company but other firms that adopt Bitcoin as a treasury asset could accumulate substantial Bitcoin holdings, leveraging the cryptocurrency’s historical annual appreciation of 21% for accelerated capital growth. Central to this ambition is the establishment of Bitcoin-backed credit markets, which would yield higher returns than traditional fiat debt. By adopting a strategy of over-collateralization, Saylor argues, this system could offer more stability than AAA-rated corporate debt while providing superior returns to investors.
He envisions the integration of Bitcoin across corporate, banking, and sovereign balance sheets, ultimately transforming traditional equity markets into indirect Bitcoin investment vehicles. This shift could potentially invigorate public company valuations, redefine savings accounts and money market funds, and enable major tech players to inject significant capital into the digital economy.
For those interested in further exploring Strategy’s earnings report and Saylor’s extensive insights, the full details are available through various channels.
